This answer is based on the loss payable and the lender's loss payable clauses of ISO's CP 12 18 10 12, Loss Payable Provisions endorsement.

The loss payable clause allows the named insured to specify a loss payee, who also has an insurable interest in the property and who will also receive a joint payment of claims with the named insured.

The lender's loss payable clause allows the named insured to specify a creditor as a loss payee. The creditor's interest in the property must be established by warehouse receipts, a contract for deed, bills of lading, financial statements, mortgages, deeds of trust, or security agreements. This clause bestows more rights on the loss payee than the loss payable clause: the right to receive loss payment if foreclosure has started on the covered property; the right to receive payment even if the claim is denied due the named insured's failure to comply with the policy terms (if the loss payee pays the premiums due, submits a signed proof of loss within sixty days, and notifies the insurer of any changes in ownership, occupancy, or other changes in the risk); and notification of policy cancellation or nonrenewal.

Essentially, the lender's loss payable clause has a narrower focus of creditors as loss payees, but with more rights under the policy than the loss payable clause allows.